DNO announces record production

Kurdistan Region of Iraq

OSLO, March 18, 2016 – Norwegian independent DNO produced 144,500 bopd in 2015, an increase of 23% over 2014, the company reported on Friday. The lion’s share of the company’s output came from Tawke field in the Kurdistan Region of Iraq, which produced 135,200 bopd last year, up from 95,011 bopd in 2014.

While production increased in 2015, revenues were down 59% to USD 187 million on account of lower oil prices. DNO’s annual report also showed that Tawke gross proven oil reserves had increased by 67.1 million barrels to reach 387 million barrels at the end of 2015.

DNO’s plans for 2016, first announced in February, remain unchanged. By June, the company hopes to have increased Tawke output by 10 percent. It is also aiming to drill the Peshkabir-2 well in order to appraise a Jurassic discovery.

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